Loan Programs - Overview

Understanding what kind of mortgage loan you need can be like learning a new language.

To meet the purchase or refinance needs of our customers, Commonwealth Mortgage Group offers a full range of non-conforming, government sponsored and conventional home loans, both fixed and adjustable rate mortgages are available on most of the programs described in this section.

To help get you started, use the menu on the left to learn more about some of our most popular loans.

Because of ever changing guidelines and availability of these programs, please contact one of our mortgage professionals for more details, eligibility and availability.

Loan Programs - 100% Financing

If you're a borrower without a down payment Commonwealth Mortgage Group has an answer for you, we currently offer programs that either do not require a down payment or have grant and gift programs.

Current 100% Programs:

USDA

Combination Loans

VA

FHA with a Gift

WHEDA with a Grant

Because of ever changing guidelines and availability of this program, please contact one of our mortgage professionals for more details, eligibility and availability.

Loan Programs - First Time Home Buyer

As a First Time Homebuyer, there is a lot of financing information to absorb. Fortunately, buying your first home today is much easier with many programs designed just for you.

Many of these newer programs require zero to little money down and are more lenient by allowing lower credit scores and higher debt ratios. Because of ever changing guidelines of this program please contact one of our mortgage professionals for more details.

Step number one for first time homebuyers is pre-qualification. Most realtors will ask for this information before you view available homes. Pre-qualification will also give you a firm understanding of how much you can afford and enable you to write an offer to purchase with the assurance that you can afford the home.

Step number two is to find a realtor; Commonwealth Mortgage Group has a network of preferred Realtors to assist our valuable customers with their home buying needs. Please feel free to browse our agent list under the Find a Realtor section of the website and contact them directory or feel free to contact your mortgage loan originator and they will set up a meeting to get you started on the next step to home ownership.

The third and final steps after you have found a home is to contact your mortgage loan originator and have them customize your loan program to fit your needs. Your mortgage loan originator has been trained to walk you through the
entire loan process from start to finish. Please feel to browse our website to learn more about the loan process and a list of documents that are required to close your home loan.

Loan Programs - Combination Loans

A combination mortgage loan is a good option for a borrower who is looking for a conventional loan but does not have a down payment or equity of at least 20%, and does not wish to pay Private Mortgage Insurance (also known as PMI).

Combo loans are available in various increments: 80/20, 75/25, 80/15/5 and 80/10/10. These loans split the financed amount into two individual loans. The first loan is either 75% or 80% of the purchase price while the second loan is the remaining amount of the purchase price with an option to have a down payment of either 5% or 10%.

Down payments decrease the risk for the lender which can lead to better rates for the consumer. This loan is one way to avoid PMI, and still finance over 80% of your home's value. Downsides to this type of loan are the additional closing costs and higher interest rates associated with the second mortgage. Because of ever changing guidelines of this program please contact one of our mortgage professionals for more details.

Loan Programs - Jumbo Loans

A jumbo mortgage loan may be an option for someone who is looking to buy a home over the conforming loan limit of $424,100, which is set annually by the Federal Housing Finance Agency.

Please note that this is based off of the mortgage loan amount, not the value of the home. In some circumstances a
combo loan can be used to avoid the stricter guidelines and higher rates that can be associated with jumbo loans. Because of ever changing guidelines of this program please contact one of our mortgage professionals for more details.

Loan Programs - Interest Only

An interest-only mortgage loan may be an option if you are looking for a way to afford more of a home with smaller payments.

An interest-only mortgage loan is very simple: for a set period of time (generally the early years of a mortgage
when most of the payment goes toward interest, approximately 5-10 years) your monthly payment will only include the interest due for that month. No portion of the payment will go toward the principal balance. At the end of the interest-only period your loan reverts to its original terms and the monthly payments increase to reflect full amortization over the remaining years of the loan. Because of ever changing guidelines of this program please contact one of our mortgage professionals for more details.

Loan Programs - Construction and Lot Loans

Building a new home can be an exciting experience - unless you get caught up in a construction loan approval process that is overly complicated and time consuming.

If you're still in the beginning stages and just looking at buying the land for your new home, or are ready to begin the building process please contact one of our mortgage professionals for more details, eligibility and availability.

Benefits:

One-Time Close: Reduces closing costs.Low Down Payment: Clients can qualify with as little as 10% down Conventional, 3.5% for FHA or 0% down VA and USDA.

Loan Programs - Commercial Loans

Whether you're a seasoned investor or new to the market, we're here help you explore your best options for commercial financing.

Because of ever changing guidelines and availability of this program please contact one of our mortgage professionals for more details and availability.

Loan Programs - Fixed / ARM Loans

Fixed mortgages are available for 10, 15, 20 and 30 year terms and have a fixed rate and principal payment that
never change over the life of the loan.

This loan is a good fit for borrowers who plan on living in their home for at least seven years. Generally, the lower the term, the lower the interest rate.

Adjustable Rate Mortgages (ARM) are available for 30 year terms and have an interest rate that adjusts after a
fixed period of time (generally 1-7 years). After the fixed period of time interest rates adjust according to a financial index such as the Treasury Bill or the London Interbank Offered Rate (LIBOR). This loan is a good fit for borrowers who plan on moving within the fixed period of the ARM or need a lower payment for a couple years anticipating a better financial situation in the future. Generally, the longer the fixed term, the higher the interest rate.

For additional questions regarding Fixed or Adjustable Rate Mortgages please contact one of our mortgage professionals for more details, eligibility and availability.

Loan Programs - Conventional Loans

A conventional mortgage loan is designed for borrowers who have good, though not necessarily perfect, credit histories and have their own funds for a down payment.

Conventional mortgage loans offer lower rates because they are originated to guidelines established by Fannie Mae or Freddie Mac, which are Government Sponsored Enterprises (GSEs). These loans must also "conform" to established maximum loan limits and stricter guidelines set by Fannie Mae and Freddie Mac. The conforming loan limit of $424,100, which is set annually by the Federal Housing Finance Agency, is based off of the mortgage loan amount, not the value of the home.

Conventional Advantages:

One time Mortgage Insurance (MI)

Reduced MI

NO MI

Escrow Waiver

No Maximum Income Restrictions

Increased Flexibility with Loan Terms

For additional questions regarding the Conventional loan program please contact one of our mortgage professionals for more details, eligibility and availability.

Loan Programs - FHA Loans

FHA is a government backed loan that provides flexible lending solutions for qualified borrowers who may have had
past credit issues, have less available cash for down payment and closing costs, or are looking to refinance their current home loan.

FHA Advantages:

Down Payment as low as 3.5%

Down Payment can be a Gift from a Relative

Closing Costs can be paid by the seller

Flexible Qualifying Guidelines

203K Rehabilitation Loan

Energy Efficiency Mortgage

Easy Low Cost Refinancing

For additional questions regarding the FHA loan program please contact one of our mortgage professionals for more details, eligibility and availability.

Commonwealth Mortgage is not acting on behalf of, or at the direction of HUD/FHA, VA, USDA, WHEDA, or the Federal Government.

Loan Programs - Federal and State VA Loans

Federal VA is a government backed loan designed for qualified veterans who are on active duty, in the reserves,
or are widows of a qualified veteran.

VA Advantages:

No Money Down

No Private Mortgage Insurance

Competitive Rates

Reduced Closing Costs

Energy Efficiency Mortgage

Flexible Qualifying Guidelines

Easy Low Cost Refinancing

The Wisconsin State VA is another government backed program that allows Wisconsin veterans an opportunity to
avoid Private Mortgage Insurance, but requires a 5% down payment. The benefits of this program compared to the Federal VA are a lower fixed interest rate and No Funding Fee.

For additional questions regarding the VA loan program please contact one of our mortgage professionals for more
details, eligibility and availability.

Commonwealth Mortgage is not acting on behalf of, or at the direction of HUD/FHA, VA, USDA, WHEDA, or the Federal Government.

Loan Programs - USDA Loans

USDA is a government backed loan program that provides moderate income families with access to affordable home ownership in eligible rural areas.

USDA Advantages:

No Down Payment

Finance Closing Cost and Repairs up to Appraised Value

Easy Low Cost Refinancing

For additional questions regarding the USDA loan program please contact one of our mortgage professionals for more details, eligibility and availability.

Commonwealth Mortgage is not acting on behalf of, or at the direction of HUD/FHA, VA, USDA, WHEDA, or the Federal Government.

Loan Programs - WHEDA Loans

WHEDA is a government backed loan program that offers Wisconsin residents an opportunity to acquire a low cost, fixed rate mortgage with reduced or No Private Mortgage Insurance.

WHEDA Advantages:

Low or No Down Payment

Job Loss Protection

Home Improvement

Down Payment and Closing Costs Assistance

Home Owner Educational Resources

Because of limited funding and availability of this program please contact one of our mortgage professionals for details and availability.

Commonwealth Mortgage is not acting on behalf of, or at the direction of HUD/FHA, VA, USDA, WHEDA, or the Federal Government.

Loan Programs - Purchase Loans

Buying a new home is a source of anxiety, frustration -- and a huge sense of accomplishment.

You didn't pick the house that was best for someone else; you picked the one that's right for you! Trust our
mortgage professionals to find the mortgage loan that best fits your needs, too. "Less paperwork and more personal
attention" means you enter a frustration-free zone from application to decision. Getting the right mortgage loan is
like getting the keys to your new house! We can help you get there. Because of ever changing guidelines of these programs please contact one of our mortgage professionals for more details.

Please feel free to utilize our "Monthly Payment" calculator or contact one of our mortgage professionals for more payment details.

Loan Programs - Refinance Loans

Refinancing your current mortgage has never been easier.

If you thought refinancing meant getting buried under mountains of paperwork, think again! We make it easy and worry-free to reduce your interest rate and monthly payment. We can even help you pay down your balance more quickly with a comparable monthly payment. Let our mortgage professionals guide you to the very best refinanced loan! Remember that various market swings affect mortgage interest rates, so stay in constant contact with your loan officer for the latest updates. Because of ever changing guidelines of these programs please contact one of our mortgage professionals for more details.

Please feel free to utilize our "Monthly Payment" calculator or contact one of our mortgage professionals for more payment details.

Thank you for taking an interest in Commonwealth Mortgage Group. We'd love to hear from you.